The Pitch Report - Result Update: Karnataka Bank Ltd - BUY - TP Rs.220 - Kotak

- Karnataka Bank reported a 10.1% yoy rise in its net profit for Q1FY2018 to Rs.133.85 crore as compared to Rs121.54 crore. Provisions for the quarter grew by 45.9% yoy to Rs.198.88 crore as compared to Rs.136.31 crore;

- Whereas operating profit during the quarter grew by 18.2% yoy to Rs.309.70 crore as compared to Rs.261.92 crore;

- Net Interest Income for the quarter grew by healthy 16.4% yoy to Rs.424.42 crore as compared to Rs.364.69 crore in Q1FY2017;

- Quarter on quarter, however, net profit for the quarter fell by 3.3% from Rs.138.37 crore mainly because of a 30.3% qoq fall in other income;

- Net Interest Income qoq grew by 20.5% from Rs.352.17 crore in Q4FY2017

Shares of KARNATAKA BANK LTD. was last trading in BSE at Rs.158.45 as compared to the previous close of Rs. 165.7. The total number of shares traded during the day was 511135 in over 4987 trades.

The stock hit an intraday high of Rs. 165 and intraday low of 158.05. The net turnover during the day was Rs. 81610119.

Source : Equity Bulls

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